India Gold price today: Gold steadies, according to FXStreet data

Gold prices remained broadly unchanged in India on Tuesday, according to data compiled by FXStreet.

The price for Gold stood at 10,665.67 Indian Rupees (INR) per gram, broadly stable compared with the INR 10,667.90 it cost on Monday.

The price for Gold was broadly steady at INR 124,402.20 per tola from INR 124,428.30 per tola a day earlier.

Daily Digest Market Movers: Gold bulls retain control amid dovish Fed expectations, geopolitical risks

Firming expectations of further interest rate cuts by the US Federal Reserve and persistent safe-haven demand, fueled by rising geopolitical tensions, lifted the Gold price to a fresh all-time peak during the Asian session on Tuesday.

Fed Chair Jerome Powell said last Wednesday that the move to lower interest rates was a risk management cut and added that he doesn't feel the need to move quickly on rates as risks to inflation remain tilted to the upside.

Traders, however, believe that interest rates will drop much faster than the Fed is projecting and are betting on the possibility that the short-term rate, currently in the 4.00%-4.25% range, will fall under 3% by the end of 2026.

This, in turn, led to the overnight pullback in the US Dollar (USD) from an over one-week high, which, along with safe-haven demand fueled by rising geopolitical tensions, might continue to underpin the safe-haven commodity.

Despite recent diplomatic efforts to find ways to end the more than three-year war, fighting has intensified in recent months. In fact, Russia and Ukraine accused each other of deadly drone strikes on civilian areas on Monday.

Meanwhile, NATO countries have accused Russia of violating the airspace of alliance members Estonia, Poland, and Romania. Russia, however, rejected the claims and blamed the European powers for levying baseless accusations.

Hamas escalated its attacks and launched multiple rockets on Israel amid the intensifying attacks by the Israeli Defense Forces in Gaza. Meanwhile, the Trump administration has cautioned Israel against annexing the West Bank.

Traders now look forward to Fed Chair Jerome Powell's scheduled speech later during the North American session, which might influence the USD price dynamics and provide short-term impetuses to the XAU/USD pair.

FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.

(An automation tool was used in creating this post.)